Borrowing FAQs

Money in a 401k retirement account can be borrowed for the purchase of a house. The account holder can use the money in the account for whatever reason, but needs to be wary of the tax implications and penalties.

Purchasing a home will require that you save some money to show lenders that you are financially stable and responsible. Decide what kind of property you want and how much you can afford to pay. Based on this information, you can determine how much money you will need for the down payment.

Closing on your new home is a wonderful feeling. Unfortunately, the home-buying process is expensive, and most buyers have to save money for a down payment and settlement fees. Rather than wait until you've saved thousands of dollars for mortgage-related expenses (which can take several years), consider practical ways to buy a house without money.